Twin Cities developer Ryan Cos. unveiled plans Tuesday, May 14, 2013, for a $400 million mixed-use development adjacent to the planned new Vikings stadium in downtown Minneapolis. Ryan is buying five blocks from the Star Tribune Co. for the project, which will include office space, retail, housing and a public park. Images courtesy Ryan Cos.

Twin Cities developer Ryan Cos. unveiled plans Tuesday, May 14, 2013, for a $400 million mixed-use development adjacent to the planned new Vikings stadium in downtown Minneapolis. Ryan is buying five blocks from the Star Tribune Co. for the project, which will include office space, retail, housing and a public park. Images courtesy Ryan Cos.

After five months of negotiations, Twin Cities developer Ryan Cos. said it has reached a deal to buy five square blocks in downtown Minneapolis, adjacent to the planned Vikings stadium, for a $400 million mixed-use commercial and residential complex and public park.

Ryan Cos. and Minneapolis unveiled the development proposal Tuesday, May 14, near the offices of the Star Tribune newspaper, which is selling the land. The newspaper plans to move its headquarters.

The Star Tribune and Ryan Cos. would not disclose the purchase price.

“There were all sorts of big visions for this part of town, but nothing has ever happened,” Minneapolis Mayor R.T. Rybak said. “Today, we’re announcing one of the largest developments in the history of Minneapolis.”

The proposal includes a two-block green space leading into the planned entrance of the new stadium to the immediate east, a parking ramp, 1.16 million square feet of office space, 40,000 square feet of retail and 300 units of housing. It is adjacent to light-rail transit, with an existing station next to the site.

Plans for the $975 million Vikings stadium were unveiled Monday. It would be built on the site of the Metrodome. Ryan Cos. expects its project to be completed in summer 2016, in time for the Vikings’ first game in their new home.

Rybak said the city will be involved only in financing the green space and the parking ramp, with a total cost of about $65 million, for which the city will issue bonds. The 1,328-stall parking ramp will be operated by the Minnesota Sports Facilities Authority, and the revenue it generates will go toward paying down the bonds the city will use to pay for its share of the project. The MSFA is a state-run entity that will operate the Vikings stadium and oversee construction.

“The city will not be writing a check for anything,” Rybak said.

The remaining commercial and residential development will be financed privately.

Rick Collins, vice president of development at Minneapolis-based Ryan Cos., said his company has been in talks with Wells Fargo, which could occupy much if not all of the proposed office space. Collins said the office portion of the planned complex would bring about 6,000 jobs to the area.

Still needed is Ryan Cos. winning a bid for the parking contract; city council approval for the project, including the bond issuance; and a firm commitment from Wells Fargo.

“As with any large building project, there are contingencies that will determine whether we go forward with this particular project. There are many issues we’ve been addressing,” Gunn said.

Rybak said Wells Fargo approached the city a while ago seeking to expand or consolidate office space. The bank is Minnesota’s largest, by deposits, and also has sizable mortgage operations in Minneapolis.

Michael Klingensmith, publisher and chief executive of Star Tribune Co., said the Minneapolis-based media company hopes to close the sale of its land before the end of the year.

“Our business continues to evolve,” Klingensmith said. “And these headquarters are no longer ideally suited to our current business.”

The five blocks owned by the Star Tribune are largely paved flat parking areas that surround the company’s buildings.

Klingensmith said the company hopes to move its headquarters to another downtown location — probably sometime in 2015 — but has not set its sights on a particular building.

This is the closest the company has been to unloading its property since 2007, when the Vikings — already pursuing a stadium to replace the Metrodome — agreed to buy four of the company’s five square blocks for $45 million. The team backed out soon after, citing the downturn in the economy.

Nick Woltman reports on breaking news and blogs about local history. Before joining the staff of the Pioneer Press in 2013, he worked for the Bismarck Tribune in North Dakota. He lives with his wife and two cats in the Macalester-Groveland neighborhood of St. Paul.

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